For the past year, we have been monitoring the progress made by U.S. public companies towards implementation of the new revenue recognition standard known as ASC 606. In December 2016, we looked at companies who were planning to early-adopt the … Continue reading
Author Archives: Olga Usvyatsky
Most Frequently Named Attorneys in SEC Comment Letters
Who are the attorneys that do the most work in helping their clients respond to SEC Comment Letters? In a recent post, we looked at some of the law firms that were frequently named in SEC comment letters. In this post, … Continue reading
How Fiscal Year Ends Impact Adoption of ASU 2014-09
For the vast majority of Russell 3000 companies, the deadline to adopt new revenue recognition accounting guidance is fast approaching. Some issuers, however, have more than another whole year to prepare. ASU 2014-09, “Revenue from Contracts with Customers” (codified as ASC … Continue reading
Gift Card Breakage – (ASC 606)
ASC 606, effective for fiscal periods beginning after December 15th, 2017, is changing the way companies recognize revenue from contracts with customers. For some industries, the changes are going to be dramatic. For others, such as retail, only limited impact … Continue reading
Six Months to New Revenue Standard Deadline
ASC 606 becomes mandatory for all public companies at the end of 2017. A few months ago, we noted that a small number of S&P 500 companies reported their intent to adopt the new standard early; a bold move, considering that ASC … Continue reading
Perrigo Restates to Correct More Than $1 Billion in Errors
Restatements are notoriously hard to predict, yet, in some cases the writing is on the wall, or in Perrigo’s case, a late filing. Back in March, we predicted that Perrigo would likely restate its historical financial statements. What we could not predict is … Continue reading
What’s Next for Perrigo?
In April 2016, the then-CEO of Perrigo (PRGO), Joe Papa, left the company to join the troubled pharmaceutical giant Valeant (VRX). On the heels of the accounting scandal surrounding Valeant’s subsidiary Philidor, it was thought that new leadership might be able to turn … Continue reading